Forex - USD/CAD extends decline after upbeat Canada CPI data
Investing.com
Published Jun 22, 2010 08:26AM ET
USD/CAD hit 1.0218 during European late morning trade, shedding 0.24%, after pulling back from 1.0254, the daily high.
The pair was likely to find short-term support at 1.0138, Monday's low, and resistance at 1.0309, the high of June 11.
Earlier in the day, Statistics Canada said in a report that its core consumer price index rose 0.3% during May, the same amount by which it rose in April, as widely expected.
But the statistics agency's core CPI, which includes the volatile items, rose at a faster rate than forecast in May. The gauge climbed 0.3% during the month, Statistics Canada said, after rising 0.3% in April. Economists had expected more modest growth of 0.1% in May.
The loonie surged versus sterling, meanwhile, with GBP/CAD dropping 0.48% to hit 1.5042.
Also Tuesday, an industry group, the National Association of Realtors, was due to release key data on existing U.S. home sales, a leading indicator of economic health.
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Written By: Investing.com
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